18 May 2010 13:08

Eurasia Drilling boosts Q1 revenue 26%

MOSCOW. May 18 (Interfax) - Eurasia Drilling boosted sales revenue to US GAAP 26.4% year-on-year in Q1 2010 to $388 million, the company said in a statement.

The EBITDA margin rose 4.8 percentage points to 22.8%.

The company had $206 million in net cash at the end of the quarter.

Eurasia Drilling cut its capital expenditures 8.7% year-on-year to $21 million in Q1.

Actual drilling was also down - 5% at 854.7 meters, but the company said that was expected.

Company subsidiary LLC Eurasia Shelf Drilling Company continues to employ the Astra drilling rig. This platform completed drilling the first production well on Turkmenistan's shelf in the Caspian Sea.

Eurasia Shelf Drilling also drilled two wells at the Korchagin deposits on Russia's Caspian shelf and another two on Kazakhstan's.